The loonie may sink back to its record low $0.62 as the country retrenches from a consumer-spending boom into the face of a slowing global economy, warns former Bank of Canada advisor David Wolf.
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China’s central bank governor this weekend affirmed an official vow to avoid manipulating its currency to boost exports and said Beijing had reached “consensus” with the U.S. on many crucial issues.
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The Canadian dollar dropped to the lowest point in a year, weighed down by a host of factors such as prolonged uncertainty around the renegotiation of NAFTA and Trump’s escalation of global trade tensions.
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Warning of mounting bearish conditions for the greenback in the near-term, investors are questioning whether a rally that last week sent the U.S. to more than four-month highs has run out of steam.
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Currency traders looking to profit from a bet that Mexico would fare worse in the renegotiation of NAFTA have seen their wager go from “stud to dud” as the Trump administration increasingly targets Canada.
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In an op-ed for Project Syndicate, currency expert Barry Eichengreen explores more than a dozen possible narratives to explain the U.S. dollar’s current weakness, including fiscal irresponsibility.
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